Why the Property Market Has Shrunk in the Last Month

Why the Property Market Has Shrunk in the Last Month

It may be bad news for people who love choice, but I couldn’t be happier that there have been less new properties coming onto the market this month than in any other September on record. Rightmove have reported that the number of listings has shrunk for the first time in 7 months.

Now please don’t think for one minute that this shrinkage has anything whatsoever to do with a pick up in sales. The reality is that many vendors have taken their property off the market as the Government have announced that any property currently being marketed requires an Energy Performance Certificate (EPC). Some people have used the possibility of the c £100 cost as a reason to take their property off – and quite rightly so. There are houses on the market at the moment that have been listed for well over a year, and these vendors don’t seem to realise that their property just isn’t going to sell.

The key word in the property market at the moment is motivation. If you aren’t motivated to sell, then you won’t sell. Pure and Simple.

Imagine that you are going to have a race against the father and son next door. You can’t really be bothered and don’t see the point. There would be no benefit to you whether you win or lose. However your next door neighbour has been training everyday. They get up at the crack of dawn and run around the park pulling a tyre on a rope. When it comes to the race day, who do you think will win?

The same applies to selling your house at the moment. The days of just listing your property to see if you get any interest have been killed off by the introduction of HIPs. You should only put your house on the market now if you have a need to sell. No other reason than a need is sufficient.

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